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Doing Business in Finland

How to Start a Business in Finland

Finland is a gateway to Northern Europe, known for its economic stability, innovation leadership, and high quality of life. As an international entrepreneur, Finland offers access to a highly educated workforce, a transparent legal system, and a thriving tech ecosystem.

Read more about how to start a business in Finland as a foreigner here.

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Why Consider Starting a Company in Finland?

Innovation & Technology

Finland leads in ICT, clean tech, life sciences, and digitalization.

Political & Legal Stability

A reliable, transparent regulatory environment.

Skilled Workforce

Highly educated, English-fluent, and tech-savvy talent pool.

Strategic Location

EU membership, proximity to Nordic, Baltic, and Russian markets.

Excellent Infrastructure

World-class logistics, digital networks, and quality of life attract and retain talent.

Business Structures: Which Form Is Right for You?

Structure Key Features Typical Use Case
Private Limited (Oy) No minimum share capital, limited liability, 1+ board member Most common for SMEs and international firms
Public Limited (Oyj) €80,000 minimum share capital, 3+ board members For large ventures, public listings
Branch of Foreign Company No share capital, local representative required For foreign companies expanding to Finland
General/Limited Partnership No minimum capital, two partners Often for small or family businesses
Sole Trader (Toiminimi) Simple setup, full personal liability Micro-businesses, freelancers
  • At least half of board members must reside in the EEA (unless exempt).
  • Corporate directors not permitted; only individuals can serve.
  • All companies must have a registered office in Finland.

Step-by-Step: How to Start a Business in Finland

  1. Choose Your Business Structure: Decide between Oy, Oyj, branch, partnership, or sole trader based on your goals and scale.
  2. Select and Reserve a Business Name: Must be unique, not misleading, and may include English variants.
  3. Prepare Incorporation Documents: Draft Articles of Association and appoint directors.
  4. Deposit Share Capital (if applicable): €0 for Oy; €80,000 for Oyj.
  5. Register with the Finnish Trade Register: Typically takes 2–3 weeks; fees range €240–€380.
  6. Register with the Tax Administration: VAT registration required if turnover exceeds €8,500.
  7. Open a Business Bank Account: Physical presence required; Scandicorp can assist.
  8. Obtain Licenses or Notify Authorities (if needed): For certain sectors.
  9. Set Up Accounting and Reporting: Engage a local accountant; check if audits apply.

How Much Does It Cost to Start a Business in Finland?

Type Share Capital Registration Fees Other Costs (Est.)
Private Limited (Oy) €0 €240–€380 €500–€2,000+
Public Limited (Oyj) €80,000 €380+ €2,000+
Branch N/A €380+ €1,000+
  • Legal documents and translations
  • Licensing fees
  • Accounting and audit services
  • Social contributions (21–24% of salary)
  • Office or virtual address rental

Frequently Asked Questions (FAQs)

Can foreigners own 100% of a Finnish company?
Yes. One founder must be EEA-resident unless an exemption is granted.
How long does it take to register a company?
Typically 2–3 weeks once documents are complete.
Do I need to be physically present?
Only for opening a bank account. Registration can be handled remotely.
Is an auditor required?
Only for larger companies. Smaller Oy can be exempt under certain thresholds.
Are there restrictions on repatriating profits?
No exchange controls. Profits can be repatriated freely, subject to tax treaties.

Scandicorp: Your Trusted Partner in Finland

Scandicorp offers:

  • Company formation and registration
  • Registered office and local director services
  • Bank account assistance
  • Tax, accounting, and payroll support
  • Licensing and compliance management
  • Virtual office services
  • Local business introductions and networking

Contact Scandicorp to start your Finnish business journey.

Disclaimer: This guide is for informational purposes only. For tailored legal or tax advice, contact Scandicorp or a qualified professional.Email: info@scandicorp.com

 

Corporate Fact Sheet "Business in Finland"

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